Impact of Robotics, RPA and AI on the Insurance Industry: Challenges and Opportunities

13 Pages Posted: 1 Dec 2017

See all articles by Chris Lamberton

Chris Lamberton

Ernst & Young LLP

Damiano Brigo

Imperial College London - Department of Mathematics

Dave Hoy

Ernst & Young LLP - United Kingdom

Date Written: November 29, 2017

Abstract

We consider the current challenges and opportunities in applications of Robotics to financial services and to insurance in particular. Combinations of Robot Process Automation (RPA) with digitization have been considered by the industry, with important benefits in cost reduction and efficiency. We highlight the general benefits of RPA and the related implementation challenges in detail. We discuss more advanced Artificial Intelligence (AI) applications, arguing that such applications depend on the general advancements of AI, where human level interaction is not yet available. We discuss the great potential for AI applications in the near future and consider some initial examples. We also briefly discuss the hard problems of AI in relation to intelligence and consciousness in the introductory part, and briefly look at the implications AI and robots could have for human society and employment.

Suggested Citation

Lamberton, Chris and Brigo, Damiano and Hoy, Dave, Impact of Robotics, RPA and AI on the Insurance Industry: Challenges and Opportunities (November 29, 2017). Journal of Financial Perspectives, Vol. 4, No. 1, May 2017. Available at SSRN: https://ssrn.com/abstract=3079495

Chris Lamberton (Contact Author)

Ernst & Young LLP ( email )

One MOre London Place
1225 Connecticut Ave NW # 700
New York, NY SE1 2AF
United States

Damiano Brigo

Imperial College London - Department of Mathematics ( email )

South Kensington Campus
London SW7 2AZ, SW7 2AZ
United Kingdom

HOME PAGE: http://www.imperial.ac.uk/people/damiano.brigo

Dave Hoy

Ernst & Young LLP - United Kingdom ( email )

25 Churchill Pl
Canary Wharf
London
United Kingdom

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